MUFG
2026 FX Outlook: Post-Peak USD World
LIVE19 December 2025USD bearish
Back to CurrenciesBullish
USD/MXN
MXN benefits from near-shoring momentum and attractive carry. Banxico gradual ea
MUFG Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
Near-shoring
Carry advantage
USMCA outcome
Banxico policy
Fiscal discipline
All Firm Targets (Dec '26)
JPMBullish18.25
INGBullish17.80
BARCBullish17.70
MUFGBullish17.50
GSBullish17.50
MSBullish17.40
BofABullish17.30
DBBullish17.20
Analysis Summary
MXN benefits from near-shoring momentum and attractive carry. Banxico gradual easing preserves yield advantage. USMCA renegotiation expected to conclude without major disruption. USD/MXN to reach 17.50 by year-end.